Little bit of backstory: Late last year, my girlfriend and I were in a car accident. After a long process, the attorney is about ready to get our settlements. I'm 26, employed full-time and also in school getting my MA. She's 23, also employed full-time and is studying for her real estate license.
Today, my girlfriend told her mother that she'd be giving her the remaining money from the settlement—whatever doesn't go toward debts, spending, etc.—for safe-keeping. An in-person savings account, I guess.
I was annoyed, for two main reasons:
- When her grandparents died, she was left an inheritance of $25,000 or so, which she entrusted to her father (not legally—just put it in a savings account and gave him access to it). He blew through that pretty quickly, and she was left with pretty much nothing. While her mother and father aren't married anymore, and haven't been for some time, I can't help but draw similarities here.
- She's 23. She's an adult. She already has a savings account which, to her credit, she admits to not putting enough money into. To her, the savings account is an extension of her checking account. I told her she should look at other savings accounts, because stashing the money with her mother means it won't collect any interest.
Her mom hasn't given me reason to be suspicious that she'd take the money, but her mom is pretty invasive and needy. She can't go three days without seeing her daughter and she's constantly calling her, which annoys the hell out of both of us. So why would she willingly hand her mother such a large amount of money, knowing that any time she wants/needs access to it, her mother will use that as leverage?
Like I get that it'll be her money to do with as she pleases. That's fine. I just wish she would think this through, and I know there's a better way to save that money. Can someone help me put a cohesive argument together as to why she should opt for a bank and not her mom?
Submitted July 03, 2019 at 06:35PM by scribe_ https://ift.tt/2YqLQuR
